Answer: The sequence follows this order:
I. identify demand for goods and services
II. research supplier options
III. pick the best suppliers
IV. send out orders and receive products
V. evaluate and manage supplier performance
Explanation: Procurement is the process of searching for, locating, agreeing to terms and purchasing goods and/or services from an external source. The first thing to do is find out what goods or services are in demand that the procurer want to cater to, followed by researching different suppliers of said goods or services.
The third step is to select from the list, the best suppliers in terms of cost and quality. After selecting the best supplier or suppliers (in instances where more than one is needed), an order is placed,payment is made and the goods are received.
The final step which concludes the procurement process is to evaluate the supplier to determine if the business relationship can continue or if there's a need to start the cycle again.